Suryoday Small Finance Bank Q1 Results: Profit zooms 6-fold to Rs 48 crore
Suryoday Small Finance Bank reported a net profit of Rs 48 crore for the June quarter registering a six-fold rise over the year-ago period's Rs 8 crore, backed by a 27% rise in net interest income and improvement in asset quality. Net interest margin for the quarter improved to 10.1% as compared with 9.1% in the year-ago period.
Net interest income was at Rs 225 crore against Rs 177 crore. Pre-provisioning operating profit rose 48% at Rs 117 crore.
The bank's gross non-performing assets ratio fell to 3% at the end of June from 10% a year back. Net NPA stood at 1.6% against 5%.
Provision coverage ratio (excluding technical write offs) stood at 47.3%. «The bank is confident of gradually reducing GNPA to less than 2% on the back of sustained collection momentum coupled with business growth.
The bank intends to create enough contingency provision to improve the PCR as well as to bring down NNPA below 0.5% in FY24,» managing director R Baskar Babu was quoted as saying in a statement issued by the company. Its gross advances grew 24% year-on-year to Rs 6,372 crore while deposits jumped 42% to Rs 5,722 crore.
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